Mukesh Ambani’s Reliance Industries Ltd on Saturday announced the acquisition of businesses of Kishore Biyani’s Future Group for ₹24,713 crore to add to its fast expanding retail business and bolster e-commerce.
“Reliance Retail Ventures Ltd (RRVL), subsidiary of Reliance Industries Ltd will acquire the retail and wholesale business and the logistics and warehousing business from the Future Group as going concerns on a slump sale basis for lumpsum aggregate consideration of INR 24,713 crore,” the company said in a statement.
Through the deal, Reliance will acquire Future Retail that owns BiggBazar, fbb, Foodhall, Easyday, Nilgiris, Central and Brand Factory.
The oil-to-telecom major, which is boosting its presence in the retail segment through Reliance Retail, said the acquisition is being done as part of the scheme in which Future Group is merging certain companies carrying on the aforesaid businesses into Future Enterprises (FEL).
